No. Listen to the whole album. It's almost a satire on the whole 'I'm a youth rebel who is suffering' theme, which is what punk and emo are all about. The story is a lot like 'The Catcher in the Rye', seeing that it's a book Billie Joe is supposed to really like, but done in a way that works perfectly with their particular culture. It's 'I hate my mommy, go to the city and get ****ed over.
They still write about drugs, angst, anger, and ****ing the system. But to me, it's from a more mature perspective. I guess some people are too into scene politics to see past their eyeliner, and tight pants. Which might I add, is a bit more mature than green hair, excessive drugs, and playing naked on stage.
Edit:Clarified a point.
Epstein didn't kill himself.